CBRE sees economic uncertainty weighing on demand from third-party logistics companies (3PLs), causing the firm to drop its market share forecast for that segment.
CBRE's initial forecast was for 3PL market share to reach close to 40% in 2023 but it now suggests that it will decline as food & beverage and auto-related users expand.
Additionally, the firm sees less demand for new industrial construction, causing vacancy rates to tick up more than it initially expected. CBRE said the 3.7% vacancy rate at the end of Q2 could hit 4.5% by year's end.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
